HI HB1870

Establishes a nonrefundable income tax credit for individual taxpayers who purchase new residential backup generators, deductible from net income tax liability.

Credit amount equals a percentage of the actual cost of the generator (percentage amount left blank in bill text); maximum allowable credit amount left blank in bill text.

Credit may be claimed only once per taxpayer and excludes installation costs, prefatory work, and costs for which another credit is claimed.

Excess credits over tax liability may be carried forward to subsequent taxable years until exhausted; all claims must be filed within twelve months following the close of the taxable year.

Effective July 1, 2030, and applies to taxable years beginning after December 31, 2013.